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<Research>Citi: HKEX (00388.HK) Quarterly Results Beat on Investment Income, but Costs Heavier than Expected
Recommend 12 Positive 17 Negative 12 |
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HKEX (00388.HK)'s 1Q24 net profit amounted to $3 billion, up 14% QoQ (down 13% YoY), 9% higher than the market's expectation, Citi Research released a research report saying. Core revenue rose 2%/ fell 6% QoQ/ YoY, broadly in line with market consensus. Investment income was $1.3 billion, up 25% QoQ (down 13% YoY), beating the market's forecast by 23%, benefited from the external portfolio gains. HKEX's 1Q24 overall profit was 9% higher than the market's expectation, but Citi Research suggested that this is likely to be largely the result of external portfolio gains. However, Citi Research also said that this is unlikely to be extrapolated, while costs were 3% higher than expected. Macro uncertainty and the higher-for-longer US interest rates could put short-term pressure on HKEX's share price, according to the report. Citi Research kept rating on HKEX at Sell, with a target price of $215. AAStocks Financial News |
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